The holidays are over. The champagne flutes and decorations are stowed away, and the prospect of spending hours feasting and reminiscing with your nearest and dearest at is again at a safe distance in the future. The holiday season offers an opportunity to reflect on the people in your life and how you may […]
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Buying or selling a commercial or investment property is a process, sometimes an involved one. One of the more complex—and least understood—aspects of this process is the Phase I Environmental Site Assessment (ESA). We asked environmental attorney James J. Periconi to explain some of the essentials of Phase I ESAs and why it is often […]
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On April 26, 2018, New York State’s highest court – the Court of Appeals – unanimously ruled in a case that had created significant uncertainty for owners and tenants of many multifamily buildings in New York City since 2014. In Altman v. 285 West Fourth LLC, tenant Richard Altman asserted that his apartment had been […]
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Like everything else in the current global economy, investing in real estate is not quite as straightforward as it used to be. Urban multifamily buildings, once almost exclusively the domain of smaller, family-owned concerns, are increasingly sought by larger – even corporate – investors. The stresses of dealing with unpredictable operating expenses and even less […]
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A proposed new IRS regulation could eliminate the tax advantages of transferring interest in family-owned businesses to family members. Under current rules, interest in family business may be transferred to family members at a discount. The specific amount of the discount varies depending upon a number of factors including restrictions in the partnership agreement and […]
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Introduction Many financial planners suggest people create a “rainy day” fund to handle unexpected cash needs that come up, like a car repair or an unexpected increase in a child’s after-school activity. But many people do not realize that having this type of liquid fund is an important part of estate planning, too. As people […]
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In spite of recent news reports showing that IRC §1031 is under attack (see our last update and a subsequent New York Times article), the §1031 like-kind exchange remains a popular and viable strategy for deferring the entirety or a portion of capital gains taxes that would be due upon the sale of appreciated value of certain classes of […]
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Non-U.S. Taxpayers who sell U.S. real estate holdings may be subject to withholding of 15% of the gross sales proceeds beginning February 16, 2016 under a provision of the “Protecting Americans from Tax Hikes Act of 2015.” Previously 10% withholding was required for transactions over $300,000. The new law requires 15% withholding on most transactions, […]
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Nobody wants to think about the end of life, but everyone experiences it. Having a solid estate plan in place before you get to that point can give you peace of mind that your wishes will be honored, both for your own end of life care and for distribution of your property after your passing. […]
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Successful execution of an IRC Section 1031 Like-Kind Exchange has always required careful planning. In order to enjoy the benefit of deferred capital gains taxes on the sale of commercial or investment property, a timeline must be followed carefully, appropriate filings must be made, etc. (see our §1031 Overview for details). Now, although §1031 Like-Kind Exchanges […]
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